From the Wires
Pre-Paid Card Market in Mainland China is Booming – Expected to Triple in Size by End of 2013
By: Business Wire
Dec. 18, 2012 03:34 AM
Despite regulations, the amount of money spent in mainland China on prepaid cards is expected to triple in size by 2013. At the end of 2011, the multi-purpose pre-paid card market was valued at 96.5 billion RMB and is due to reach an astounding 300 billion RMB by the end of next year. A key driver of this sector is the gift card category with demand rising from both retail and corporate categories. To take advantage of this growth, enterprises are encouraged to enter the market quickly; expand into second and third tier cities; and, consider diversifying payment methods e.g. online and mobile phone payments. Businesses can find out more about this industry, including who and what is driving growth, at the Prepaid & Loyalty Programme conference held on 27 March 2013 at CARTES Asia – the leading exhibition and conference dedicated to secure solutions for payment, identification and mobility. CARTES Asia takes place 27 – 28 March 2013 at AsiaWorld-Expo, Hong Kong.
Mr Long Wang, CEO of Silone, mainland China said:"Silone has been involved in the pre-paid gift card industry since 2000 and for the past five years we have seen a significant year on year growth in mainland China. We’re exhibiting at CARTES Asia as it is a great opportunity for us to meet new customers, network with existing clients and raise awareness of our company's new offerings."
Isabelle Alfano, CARTES Events Director says: “Prepaid cards solve lots of problems facing merchants, governments and consumers across the world. In mainland China, the majority of consumers use prepaid cards for convenience and to gain shopping discounts.”
Enterprises need to equip themselves with knowledge on how to take advantage of this huge growing market while being aware of governmental policies and restrictions. CARTES Asia is a good place to start as it’s where buyers and suppliers of smart card technology from across the world converge to learn more about innovation and trends across the industry – especially Asia Pacific,” added Alfano.
Source: 2011 China Prepaid Card Industry Research Report by iResearch
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